Asian stocks rose on the final trading day of the week following positive U.S. data overnight, with focus on developments in Japan.
U.S. stocks jumped on Thursday with the Dow leading gains by over 1 percent following strong data releases. Third-quarter gross-domestic product (GDP) rose 3.5 percent, beating expectations, while a separate report showed that the underlying trend for first time weekly jobless claims is at its lowest level since 2000.
The Bank of Japan holds a one-day policy review later today. While no action is expected, investors will pay attention to the bank’s semi-annual outlook report, due around 3pm local time, for new long-term economic forecasts. Governor Kuroda is expected to hold a briefing 30 minutes later.
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EUR/USD consolidates gains below 1.0700 amid upbeat mood
EUR/USD is consolidating its recovery below 1.0700 in the European session on Thursday. The US Dollar holds its corrective decline amid improving market mood, despite looming Middle East geopolitical risks. Speeches from ECB and Fed officials remain on tap.
GBP/USD clings to moderate gains above 1.2450 on US Dollar weakness
GBP/USD is clinging to recovery gains above 1.2450 in European trading on Thursday. The pair stays supported by a sustained US Dollar weakness alongside the US Treasury bond yields. Risk appetite also underpins the higher-yielding currency pair. ahead of mid-tier US data and Fedspeak.
Gold price shines amid fears of fresh escalation in Middle East tensions
Gold price rebounds to $2,380 in Thursday’s European session after posting losses on Wednesday. The precious metal holds gains amid fears that Middle East tensions could worsen and spread beyond Gaza if Israel responds brutally to Iran.
Ripple faces significant correction as former SEC litigator says lawsuit could make it to Supreme Court
Ripple (XRP) price hovers below the key $0.50 level on Thursday after failing at another attempt to break and close above the resistance for the fourth day in a row.
Have we seen the extent of the Fed rate repricing?
Markets have been mostly consolidating recent moves into Thursday. We’ve seen some profit taking on Dollar longs and renewed demand for US equities into the dip. Whether or not this holds up is a completely different story.